oFor calculation of share of an
individual in joint account, each joint holder have equal share in each joint
account.

Salient features including Tax Rebate

oAccount may
be opened by individual.

oAccount can be
opened by cash/cheque and in case of cheque the date of realization of cheque
in Govt. account shall be date of opening of account.

oNomination
facility is available at the timeof opening and also after opening of
account.

oAccount can
be transferred from one post office to another.

oAny number
of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.

oAccount can be
opened in the name of minor and a minor of 10 years and above age can open
and operate the account.

o Joint
account can be opened by two / or three adults.

oAll joint
account holders have equal share in each joint account.

oSingle
account can be converted into Joint and Vice Versa.

oMinor after
attaining majority has to apply for conversion of the account in his name.

oMaturity
period is 5 years from 1.12.2011.

oInterest can be drawn through auto credit into
savings account standing at same post office, through PDCs or ECS./In case of
MIS accounts standing at CBS Post offices, monthly interest can be credited
into savings account standing at any CBS Post offices.

oCan be
prematurely en-cashed after one year but before 3 years at the discount of 2%
of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.)

A bonus of 5% on principal
amount is admissible on maturity in respect of MIS accounts opened on or /after 8.12.2007 and up to 30.11.2011. No bonus is payable on the deposits made
on or after 1.12.2011.